Phillip Frost Issues Statement Regarding SEC Lawsuit

MIAMI--(BUSINESS WIRE)--Dr. Phillip Frost today issued the following statement regarding the
lawsuit filed by the Securities and Exchange Commission on September 7,
2018:

“I was stunned by the SEC’s lawsuit and deny the allegations it contains
against me. It was particularly disturbing that the SEC departed from
its own longstanding practice of providing advance notice and a
meaningful opportunity to address their questions in advance of filing
an action.

“The allegations against me are belied by common sense, my history of
supporting promising scientific technology, and the facts. I invested in
two of the entities identified in the complaint. These investments were
made because I understood the entities presented promising medical
developments and a real opportunity to deliver value for shareholders. I
remain a significant long-term shareholder in both companies.

“Nothing is more important to me than my integrity and I am deeply proud
of the role I have played over many decades in developing medicines and
diagnostic tools that have improved many lives. I intend to fight the
charges that have been brought against me and will fight to clear my
name.”